Word: trustedly
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Dates: during 1960-1969
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George A. Murphy, Chairman, Irving Trust...
...mass transportation systems and what should be the federal role in financing the two. Last month Rep. John Bingham (D-N.Y.) introduced in the House a bill to help finance mass transportation with money which now goes to highways. Highway construction money comes out of a special trust fund which was set up only after the most intricate and laborious legislative maneuverings. Bingham's bill proposes to use money from this highway trust fund for mass transportation needs, such as building and improving subway systems. Bingham has run into strong opposition from lobbies like the American Automobile Association whose...
...Ways and Means Committee of the House of Representatives is in charge of procuring revenue for use by the federal government. The committee responsible for designating how this money will be spent is the Appropriations Committee. Since the setting up of a special trust fund involves both the raising and spending of money, both committees are involved. When the highway fund was set up the two committees held simultaneous hearings and worked together to write the bill. It was a most difficult process to get these two powerful, jealous and sensitive committees and their chairmen to work together...
Outside Advice. There are also some promising newcomers. Three that have done well are Seattle's Liberty Bank, Kansas City's Swope Parkway National Bank and Boston's Unity Bank and Trust Co. All were started only last year, riding the wave of black consciousness. All got support from white bankers or businessmen...
Psychological Need. In Seattle, more and more Negroes who previously did not believe in depositing money in any bank are putting their trust in Liberty Bank, which opened last May. Within the first 70 days, deposits reached $1,000,000; they had more than doubled by Dec. 31. Liberty's vice president, James I. Burton, 46, an engineer by training, says: "The bank has given pride and impetus to the black community. I think it demonstrates that the Negro doesn't want everything handed...